Corn, Wheat Fall as U.S. Crop Conditions Boost Yield Prospects

June 16, 2010 at 12:09 pm Leave a comment

By Tony C. Dreibus

June 15 (Bloomberg) — Corn fell for the first time in a week and wheat halted a three-session rally after a government report showed improving conditions for crops in the U.S., the world’s largest exporter of both grains.

About 77 percent of the corn crop was in good or excellent condition as of June 13, up from 76 percent a week earlier and 70 percent a year earlier, the U.S. Department of Agriculture said yesterday. About 66 percent of the winter-wheat crop got the highest rating, unchanged from the previous week and up from 44 percent last year, the USDA said.

“The wheat harvest looks great, so we’re seeing some harvest pressure,” said Larry Young, the president of Covenant Trading LLC in Chicago. For corn, “we’re really in that period where the weather is usually the culprit, and we’ve had ideal conditions. Even with that last string of rainy days, it hasn’t been too much.”

Corn futures for July delivery fell 2 cents, or 0.5 percent, to $3.73 a bushel at 10:23 a.m. on the Chicago Board of Trade. During the previous five sessions, the contract rose 5.6 percent. Before today, corn was down 9.5 percent this year on speculation that warm, wet weather would boost U.S. production.

Wheat futures for July delivery fell 1.25 cents, or 0.3 percent, to $4.6625 a bushel in Chicago. The grain gained 4.9 percent last week, partly because wet weather delayed harvesting in parts of Kansas, Oklahoma and Texas, the biggest producers of winter varieties.

–Editors: Steve Stroth, Michael Arndt.

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